Global Turret System Market Size By Platform (Land, Naval, and Airborne), By Type (Manned and Unmanned Turrets), By Component (Turret Drive, Turret Control, and Stabilization Control), By Geography Scope And Forecast
Global Turret System Market Size By Platform (Land, Naval, and Airborne), By Type (Manned and Unmanned Turrets), By Component (Turret Drive, Turret Control, and Stabilization Control), By Geography Scope And Forecast
Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Turret System Market Size By Platform (Land, Naval, and Airborne), By Type (Manned and Unmanned Turrets), By Component (Turret Drive, Turret Control, and Stabilization Control), By Geography Scope And Forecast
Turret System Market Size And Forecast
Turret System Market size is calculated at USD 19.82 Billion and is projected to expand to USD 23.48 Billion by 2030, reporting a definite CAGR of 2.86 % from 2024 to 2030.
The rising demand for turret gun systems by defense and military forces and the revamping of critical warfare platforms with advanced technology offer growth opportunities to the global Turret System Market. The increasing defense modernization objectives and initiatives by various countries are expected to propel the growth of the global Turret System Market. Furthermore, rising research and development activities for the military sector are also factors contributing to the growth.
Global Turret System Market Definition
The Turret System is the assembly of turrets that are integrated with the vessel and fixed permanently to the depth of the sea that is the sea bed. This is done through a mooring system. The Turret System has a bearing system that helps the vessel circulate the fixed geostatic part of the turret. This fixed part of the turret is connected to the mooring system. The Turret System utilizes a bearing technology that keeps the vessel rotating around the geostatic part of the turret. Depending on the vessel’s structure, Turret Systems can also be connected to internal and external regions. These systems are also utilized for land, water, and airborne activities.
Moreover, the Turret Systems could be unmanned and manned and contain components such as turret drive, stabilization unit, and turret control unit. The properties of the Turret System include modular design and enhanced crew protection. They can be installed on any platform and deployed in various operational circumstances. Their design is modular, simple to integrate, and easily adaptable. With the help of Turret Systems, the gunner can fire on any target in their range. It is designed with such rotation to enable the gunner to fire. The systems can also be integrated with various sensors, such as infrared or laser range finder, to help target. Some improved Turret Systems also have computer-controlled systems that automatically detect and track targets.
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Global Turret System Market Overview
The growth and expansion of the market could be credited to the rising use of Turret Systems in various applications such as airborne, land, and water. The market is strongly driven by numerous countries’ surging defense and military spending and the growing emphasis on the advancement programs for recent weapons to strengthen the military. The emergence of autonomous capabilities for existing Turret Systems increases the weapon system’s accuracy and will enable the growth of the global Turret System Market. Furthermore, the demand for unmanned vehicles has increased owing to the use of these vehicles in various military operations is also a reason for the market’s growth.
However, many developing countries are shrinking their defense budgets, which will be a limiting factor for the global Turret System Market. The extensively changing dynamics of warfare are shifting the focus of defense sectors and governments to invest in developing advanced solutions for soldiers significantly. The demand for technologically advanced Turret Systems is expanding due to the features like multi-user capabilities and operations in extreme environmental conditions and others.
Global Turret System MarketSegmentation Analysis
The Global Turret System Market is segregated Based on Platform, Type, Component, and Geography.
Turret System Market, By Platform
Land
Naval
Airborne
Based on Platform, the market is segmented into Land, Naval, and Airborne. The land segment is estimated to lead the market which the highest market share in the forecast period. Using Turret Systems on land has numerous benefits as they are highly adopted on various land warfare vehicles, including tanks, LPVs, and others.
Turret System Market, By Type
Manned Turret
Unmanned Turret
Based on Type, The global Turret System Market is further segmented into Manned and Unmanned Turrets. The manned turret category is expected to gain the largest market share. However, the unmanned turret is expected to witness incredible growth as the adoption of unmanned turrets has surged among defense operations.
Turret System Market, By Component
Turret Drive
Turret Control
Stabilization Unit
Based on Component, The global market is segmented into Turret Drive, Turret Control, and Stabilization Control. The turret drive segment is projected to lead the global market with an impressive CAGR owing to the rising need. The stabilization unit is expected to witness steady growth during the forecast period.
Turret System Market, By Geography
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
Based on Geography, the global Turret System Market is divided into North America, the Middle East, Asia Pacific, Europe and Africa, and Latin America. North America is anticipated to gain a high share in the market with a lucrative growth rate. The primary factor for growth is the high investment in military weapons and constant upgradation in the defense sector.
Key Players
The Global Turret System Market report also offers clear insights into the competitive landscape and the leading players in the market. The leading players in Global Turret System Market are BAE Systems, Leonardo S.p.A, General Dynamics, Lockheed Martin, Moog, Thales, Rheinmetall, and Northrop Grumman.
Our market evaluation also includes a specially dedicated sector for major players. Our analysts offer a transparent view of the financial statements of all the key players, along with product benchmarking and SWOT analysis.
Key Developments
In May 2021, Rheinmetall received a contract from the British Ministry of Defence to update the fleet of Challenger 2 main battle tanks (148 units) with the 120mm smoothbore main armament. The contract was valued at approximately EUR 770 million.
In April 2022, the new US Army platform was assessed and trained by soldiers as a part of the next-generation combat vehicle program. It is a new armored Turret System for armored multi-purpose vehicles.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Turret System Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Turret System Market, gauge the attractiveness of a certain sector, and assess investment possibilities.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2019-2021
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
BAE Systems, Leonardo S.p.A, General Dynamics, Lockheed Martin, Moog, Thales, Rheinmetall, and Northrop Grumman.
SEGMENTS COVERED
By Platform, By Type, By Component, and By Geography.
CUSTOMIZATION SCOPE
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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